AVZ Discussion 2022

[Winenut]

Need to be a bit careful here - this extract is from the 2003 REGULATIONS and is out of date. Also the mining code (legislation) takes precedence over these regulations.

Edit: The regs are more procedural in nature.

I’ve scoured the whole fucking internet for the english version of the 2018 regs, but to no avail. Even wrote to law firms in Africa and they were of no help.

I do have the French version of the 2018 regs and can translate bits as required (it’s about 500 pages long from memory so it’s not fun…).

Also, @Carlos Danger ’s earlier post is on the money. Per the Mining Code the applicant (Dathcom) has to cede 10% of its issued capital. Who’s share that comes from will be described in the Dathcom JVA.

That is correct (10% must be ceded per the mining code from the applicant Dathcom) and the Dathcom JVA (thank you Carlos) then seems to indicate in clause 5.1(i) that it must come from Cominiere

 

[pow4ade]

Need to be a bit careful here - this extract is from the 2003 REGULATIONS and is out of date. Also the mining code (legislation) takes precedence over these regulations.

Edit: The regs are more procedural in nature.

I’ve scoured the whole fucking internet for the english version of the 2018 regs, but to no avail. Even wrote to law firms in Africa and they were of no help.

I do have the French version of the 2018 regs and can translate bits as required (it’s about 500 pages long from memory so it’s not fun…).

Also, @Carlos Danger ’s earlier post is on the money. Per the Mining Code the applicant (Dathcom) has to cede 10% of its issued capital. Who’s share that comes from will be described in the Dathcom JVA.

The ceding provision was originally 5% under the 2002 Code, amended to 10 % in the 2018 updated Code:

The 2002 Mining Code included a requirement for 5 per cent State ownership in all mining companies awarded a mining licence, which has been doubled to 10 per cent. As before, the State share is free-carried and non-dilutable.3

The State interest has also been clarified in the context of a transfer of a mining right, with an explicit right of the State to a minimum 10 per cent free-carried interest in the acquiring company.4

Upon each renewal of a mining licence, the State will be entitled to an additional 5 per cent interest in the holder of the right, in addition to its existing shareholding.5

https://www.herbertsmithfreehills.c...cratic-republic-of-congos-revised-mining-code

 

[John25]

Wasnt it August 2020 we were about 6 weeks away from a ML or was it 2021

 

[Remark]

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Wasnt it August 2020 we were about 6 weeks away from a ML or was it 2021
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If / when it happens, no one here will believe it anyway

 

[Mr Inappropriate]

So i think we‘re all on the same page - 10% of this issued capital of Dathcom has to be ceded to the DRC government by Cominere.

Can someone tell Celestin?

 

[pow4ade]

Can someone tell Celestin?

And MoP lol

 

[Samus]

So i think we‘re all on the same page - 10% of this issued capital of Dathcom has to be ceded to the DRC government by Cominere.

Can someone tell Celestin?

Tried that, what's next?



Production work will now begin!

Yes because now that you have recovered 10% of Dathcom you will have to give it to the government!

 

[Carlos Danger]

View attachment 42006
Wasnt it August 2020 we were about 6 weeks away from a ML or was it 2021
View attachment 42007

May 2021. Licence to be expedited by the DRC government so we can maintain schedule to deliver first SC6 on train by Q1 2023. From memory Nigel made his 6 weeks comment in an interview around the time of this announcement.

 

[Carlos Danger]

The ceding provision was originally 5% under the 2002 Code, amended to 10 % in the 2018 updated Code:

The 2002 Mining Code included a requirement for 5 per cent State ownership in all mining companies awarded a mining licence, which has been doubled to 10 per cent. As before, the State share is free-carried and non-dilutable.3

The State interest has also been clarified in the context of a transfer of a mining right, with an explicit right of the State to a minimum 10 per cent free-carried interest in the acquiring company.4

Upon each renewal of a mining licence, the State will be entitled to an additional 5 per cent interest in the holder of the right, in addition to its existing shareholding.5

https://www.herbertsmithfreehills.c...cratic-republic-of-congos-revised-mining-code

This strengthens my argument that the writing of Article 5.1 (i) of the Dathcom JVA was done that way in case of a change in the mining code of the % required by the applicant to cede to the DRC government

The Dathcom JVA was signed in 2017 when the amount was 5%. If the JVA had of specified 5% instead of assigning Cominiere the responsibility of transferring 'part' of their holding they would have only been legally responsible for 5% when the mining code changed it to 10% in 2018 and the other 5% would need to be pro rata.

As much as it pains me to say it the structuring of this clause was quite clever by Klaus

 

[Samus]

This strengthens my argument that the writing of Article 5.1 (i) of the Dathcom JVA was done that way in case of a change in the mining code of the % required by the applicant to cede to the DRC government

The Dathcom JVA was signed in 2017 when the amount was 5%. If the JVA had of specified 5% instead of assigning Cominiere the responsibility of transferring 'part' of their holding they would have only been legally responsible for 5% when the mining code changed it to 10% in 2018 and the other 5% would need to be pro rata.

As much as it pains me to say it the structuring of this clause was quite clever by Klaus

I'm sure it was a lawyer, not Klaus.
He'd have been busy smoking bongs and playing with floaters in the pool.

 

[Winenut]

So i think we‘re all on the same page - 10% of this issued capital of Dathcom has to be ceded to the DRC government by Cominere.

Can someone tell Celestin?

nah...it's required from "Cominiere"

Fuck I wish this shit was all over...

 

[Winenut]

May 2021. Licence to be expedited by the DRC government so we can maintain schedule to deliver first SC6 on train by Q1 2023. From memory Nigel made his 6 weeks comment in an interview around the time of this announcement.
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May as well just suck down a shit load of the bubbly currently....

 

[Hemicuda]

I swear I hear sonny and Cher playing every fucking day,,,,

 

[Dazmac66]

I am still trying to process the permanent appointment of snake head at a Cominiere in spite of the mountain of proof that he is utterly corrupt. WTF! It is frustrating for us holders but can you imagine the bewilderment of our hierarchy trying to sort this shit out, they must be bordering on insanity. It looks to me like we are going to ICC without any agreement or intervention from the fat boy with the Rolex.
I have my receipts so is there any chance I can have my coins back and you won't hear from me again. If I knew how I would post Chevy Chase praying to sweet baby Jesus!

 

[JasonM]

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Hi Ashlee, what is the context of your post? it seems to be a random drop of a gif of this forum and cant quite understand what you're getting at?

having said that, the fact that this conference is coming up where avz remains the major sponsor and we also have the africa downunder conference early september where mom is one of the talkers plus some of the positive government moves on cami, gives me some hope that the talk of august being the month for things to get done might actually be true. Not sure what to make of comminere but hopefully they've been ring fenced and the politics still need to play out on that one. If we get to the end of august and nothing has been announced and/or avz drops out of the conference or mom drops out, I'd say thats a good signal that things are indeed going pear shaped and we're off to the courts and a good 5yr wait to see our money. I have zero whispers and my labrador says fuck all to me other than feed me but there is a body of evidence that something maybe happening soon, maybe thats what you're getting at. I live on in hope until end of august at least.

 

[wombat74]

May 2021. Licence to be expedited by the DRC government so we can maintain schedule to deliver first SC6 on train by Q1 2023. From memory Nigel made his 6 weeks comment in an interview around the time of this announcement.
View attachment 42008
View attachment 42011

'WE EXPECT' granting of the ML to be expedited . Was there ever confirmation from the DRC gov or was it just Nigel's expectation ?

 

[j.l]

Hi Ashlee, what is the context of your post? it seems to be a random drop of a gif of this forum and cant quite understand what you're getting at?

having said that, the fact that this conference is coming up where avz remains the major sponsor and we also have the africa downunder conference early september where mom is one of the talkers plus some of the positive government moves on cami, gives me some hope that the talk of august being the month for things to get done might actually be true. Not sure what to make of comminere but hopefully they've been ring fenced and the politics still need to play out on that one. If we get to the end of august and nothing has been announced and/or avz drops out of the conference or mom drops out, I'd say thats a good signal that things are indeed going pear shaped and we're off to the courts and a good 5yr wait to see our money. I have zero whispers and my labrador says fuck all to me other than feed me but there is a body of evidence that something maybe happening soon, maybe thats what you're getting at. I live on in hope until end of august at least.

Probably worth factoring in a couple of extensions to "living in hope", just for the sake of whatever sanity you have left.

As Budha said, "you can only lose what you cling to". Not sure if he did much investment in the junior miners space though. Not tax advice either.

 

[Carlos Danger]

'WE EXPECT' granting of the ML to be expedited . Was there ever confirmation from the DRC gov or was it just Nigel's expectation ?

You of all people know the answer to that lol

 

[Hodlandwin69]

Dw, this is the week kings. Settle down

 

[Azzler]

Dw, this is the week kings. Settle down